Second round of January Social Security payments goes out in three days
The second round of January Social Security retirement payments will be issued on Wednesday, Jan. 21 to beneficiaries born between the 11th and 20th of a month.The first round went out Jan. 14 to those born on or before the 10th, and a third round is scheduled for Jan. 28 for people born after the 21st. Payment amounts depend on factors such as retirement age, lifetime earnings, and years of contributions; the maximum benefit is $2,831 per month for someone who claims at 62 and up to $5,108 per month for a retiree claiming at age 70. Eligible citizens can begin receiving benefits at age 62 and can use the Social Security Administration’s online calculator for personalized estimates. Social Security is funded by payroll taxes, but analysts warn the program could face funding shortfalls-potentially reducing payments-by around 2034 unless Congress acts.
Second round of January Social Security payments goes out in three days
The second round of January Social Security payments for retirees, now capped at $5,108, will be issued in three days.
When will payments arrive?
Retirees born between the 11th and 20th of a month will receive this payment on Wednesday, Jan. 21.
The first round of payments went out on Jan. 14 to recipients born on or before the 10th of a month, and a third round will go out on Jan. 28 to those born after the 21st of a month.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A beneficiary retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could expect each month through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid for by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate that the SSA will no longer be able to issue full payments as early as 2034, due to a rising number of retirees and a shrinking workforce.
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